While housing
prices have stabilized, the quantity of one-family homes sold throughout the
U.S. continues to fall to levels unseen in decades. Though prices continue to rebound, the median cost of a
single-family home is still at its lowest in 8 years ($227,000). The drop in price, however, has not
motivated Americans to buy homes.
The Department of Housing and Urban Development’s estimates the sales of
new single-family houses at a seasonally adjusted annual rate of 372,000. Though up 25% from July of last year,
housing sales haven’t been this low since before the Census began tracking the
figure in the 1963. Sales fell 76%
from 2006 to 2011, and have yet to show significant periods of recovery. With a record low number of houses starting construction this year, and an unemployment rate still above 8%, the
recession’s lingering consequences still hinder a sales rebound. With that said, prices have fallen three straight months; will
relatively low prices incite a rebound in the housing market?
About TeachingwithData.org
TeachingWithData.org is a partnership between the Inter-university Consortium for Political and Social Research (ICPSR) and the Social Science Data Analysis Network (SSDAN), both at the University of Michigan. The project is funded by NSF Award 0840642, George Alter (ICPSR), PI and William Frey (SSDAN), co-PI.
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